So far, 2021 has been a very important year for Miami real estate. According to the Miami Association of Realtors, the Magic City continues to break records. In fact, Miami-Dade registered its best September sales month in history. It established a new mark for the most Miami condo transactions total in a year… in only nine months!
In total, home sales in Miami-Dade surged 20.2% YoY in September. The number went from 2,521 sales to 3,031. Miami condo sales had the most impressive jump. In the condo market, existing sales rose 45.2% from 1,233 to 1,790. As for single family homes, the number of transactions decreased by 3.6%. This could be because of low inventory and high demand in that market.
Year-to-date, Miami has had 17,942 condo sales in nine months. This number has made history, because it has surpassed the previous annual record of 17,142 condo transactions (2013). In addition, Miami is also on its way of having its best year yet for single-family homes. As of September of this year, the number of recorded sales has been 29,962. The record for this market was 30,041 sales, also in 2013.
The incredible numbers in Miami real estate can be accredited to many reasons. In the past few months, many companies and high profile individuals have moved to the area. In addition, many people from high-tax states have also opted to move to South Florida. Miami brings an incredible lifestyle, making it a fantastic place to live in, and invest in real estate.
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